世纪天鸿(300654)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E432.96490.78547.51595.3736.6742.6647.7052.06营业成本290.00329.22364.89396.70折旧与摊销7.559.039.039.03营业税金及附加2.913.243.50-3.56.1.55-1.98-2.36销售货用48.2653.9957.4959.54-4.290.000.000.0042.8646.6257.4965.49经营营运黄本变动8.622.91-9.86-2.98财务货用-3.56-1.55-1.98-2.36其他-10.896.34-8.300.000.000.000.0034.1059.3936.5955.746.900.000.000.005.36-2.00-2.00-2.001.422.021.931.7914.252.021.931.79其他经营损益0.000.000.000.0019.610.02-0.07-0.2152.9861.6168.3274.29短期借款35.280.000.000.00-3.073.55-3.39-3.44长期猎款0.000.000.000.0049.9158.0664.9370.85244.960.000.000.00所得税13.2415.4017.2218.79支付股利-15.89-7.12-8.28-9.2636.6742.6647.7052.06-10.560.581.982.361.061.241.381.51183.24-6.54-6.31-6.9035.6141.4246.3250.54236.9552.8730.2248.632022A2023E2024E2025E2022A2023E2024E2025E349.24402.12432.33480.96成长能力应收和预付款项241.91260.69292.14319.475.25%13.35%11.56%8.74%存货32.0428.0138.3240.05-0.34%16.30%10.88%8.75%其他流动黄产241.64241.65241.66241.67290%16.34%11.82%9.12%27.5827.5827.5827.58BTDA增长率-4.49%21.27%9.08%7.42%34.7534.7534.7534.7547.7645.4443.1240.81毛利率33.02%32.92%33.36%33.37%无彩资产和开发支出30.0125.3020.5915.8820.22%20.18%20.64%20.60%36.9636.9636.9636.968.47%8.69%8.71%8.74%1041.881102.491167.441238.11ROE4.64%5.16%5.51%5.73%0.000.000.000.00ROA3.52%3.87%4.09%4.20%196.82221.23241.78265.21ROIC25.12%31.83%34.86%36.02%长期借款0.000.000.000.00田TDA/销售枚入13.16%14.08%13.76%13.60%54.3455.0059.9864.43251.16276.23301.76329.640.480.460.480.49股本211.88211.88211.88211.889.3610.7813.2916.14331.65331.65331.65331.652.152.152.182.14留存收益233.62267.92305.95347.23存货周转率7.409.629.529.43777.14811.44849.48890.7693.59%13.5814.8116.2017.71790.72826.26865.68908.4724.11%25.05%25.85%26.62%1041.881102.491167.441238.11带息债务感负债0.00%0.00%0.00%0.00%流动比率3.573.493.433.372022A2023E2024E2025E速动比率3.443.383.303.25EBITDA56.9769.0975.3780.96股利支付率44.63%17.19%17.89%18.33%E70.4560.5654.1649.633.233.092.952.820.170.200.220.24PS5.795.114.584.213.673.834.014.20EV/EBITDA31.2024.9522.4720.32每股经营现金0.160.280.170.260.63%0.28%0.33%0.37%每股股利0.070.030.040.04请务必阅读正文后的重要声明部分